Otto Marine announced Friday that its 90 percent owned subsidiary, Go Marine Group Pty Ltd has entered into a Memorandum of Agreement dated Dec. 31, 2013 to sell seven vessels known as GO 4 IT, GO Puriya, GO Shaula, Piparn, Yikara, Minotaur and Centaur to RSOV Marine Pte Ltd (the Buyer) for an aggregate consideration of $10 million. 

Yaw Chee Siew, the Company’s executive chairman and controlling shareholder, owns a 29 percent interest in the issued and paid-up share capital of the Buyer, with the remainder held by unrelated third party. Save as disclosed above, none of the directors or controlling shareholders of the Company has any interest, whether direct or indirect, in the above transaction other than through their shareholdings in the Company. 

The above transaction is not expected to have a material impact on the consolidated net tangible assets per share or earnings per share of the Company for the financial year ended Dec. 31, 2013.